The dollar was up on Friday morning with investors turning to the safe-haven asset as the U.S. reported over 60,000 COVID-19 cases on Thursday, and dampened hopes of an economic recovery.
The U.S accounts for over 3.1 million of all cases. There are over 12.2 million cases and 550,000 deaths globally as of July 10, according to John Hopkins University data.
EUR/USD is trading closer to 1.1250 as concerns about US coronavirus cases are growing. Eurozone finance ministers are meeting ahead of next week’s summit.
GBP/USD is trading below 1.26, off the highs as rising concerns about Brexit and the UK refusal to participate in the EU coronavirus vaccine scheme are weighing on sterling.
USD/JPY extended its losses below 107 as risk-off intensifies. Yen is gaining ground alongside US dollar on coronavirus fears.
Asian shares and U.S. stock futures fell on Friday amid the record-breaking new coronavirus cases in several U.S. states as investors look forward to earnings season.
U.S. crude fell 1.01% to $39.22 a barrel, while Brent crude edged 0.78% lower to $42.02 per barrel due to concerns about a long-term decline in global energy demand.
Gold prices slid on Friday, probably on profit-taking after vaulting to nine-year highs in the previous sessions. But the safe-haven crowd managed to keep the yellow metal close to the $1,800 mark.
Looking ahead, markets will remain at the mercy of the risk-off flows and virus updates ahead of the US PPI data, in the absence of any major market-moving economic releases.